The Internal Revenue Service has granted relief to some homeowners struggling to rebuild after Hurricane Katrina devastated the Gulf area in August 2005 so they can continue to qualify for a low-income housing credit.

Owners of low-income buildings in the affected disaster area, known as the Gulf Opportunity Zone, can continue to claim the credit under certain conditions. The owners need to be doing ongoing physical repairs, enter into binding, written contracts for the repair or restoration to be completed within a certain period, or be actively negotiating contracts for the repair or restoration.

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